Some of the world’s most prestigious institutions saw their senior ranks shaken up in 2017.
Long-time chief investment officers at venerable educational institutions retired. The United States’ largest educational endowment aims to reboot it’s investment program with a new CEO and CIO. One of the industry’s fastest rising stars was tapped to turn around a fledgling investment office.
Here are the 12 most important asset allocator people moves of 2017:
Harvard Management Company hired Richard Slocum as the endowment’s new chief investment officer. Slocum is chief investment officer at The Johnson Company, a New York-based family office, and will join Harvard in March. Slocum’s appointment is the latest management shakeup following the hiring of Columbia University’s endowment chief executive, Nirmal P. Narvekar, in December to revive the ailing endowment. Harvard’s previous CEO, Stephen Blyth, resigned in July 2016.
Lawrence Kochard, chief investment officer and chief executive officer of the University of Virginia Investment Management Company, announced he will depart the $8.6 billion endowment Dec. 31, 2017. Kochard will join Mackena, an asset management firm established by former Stanford endowment investors. The university is currently searching for a replacement.
Scott L. Wilson, chief investment officer of Grinnell College, became the chief investment officer of Washington University Investment Management Company on December 1, 2017. Wilson replaces Kimberly G. Walker, who stepped down from the $7.5 billion endowment at the end of 2016. Grinnell College appointed Andrew Choquette interim chief investment officer of Grinnell’s $1.8 billion endowment. Choquette was previously the director of investments for Grinnell College, and was named on Trusted Insight’s current list of Top 30 Endowment Rising Stars. Wilson was named on Trusted Insight’s Top 30 Endowment Chief Investment Officers (read our interview with him here).
Brian H. Pellegrino, chief investment officer of UPS Group Trust, was named chief investment officer for Georgia Tech Foundation’s $1.6 billion endowment. He is to start in early 2018 and will replace Jim Taylor, who retired in June. Pellegrino was named on Trusted Insight's 2017 list of Top 30 Corporate Chief Investment Officers. Read an exclusive Trusted Insight interview regarding his 37-year tenure at UPS Group Trust, the asset management arm of United Parcel Services.
Sudhir Rajkumar was named chief investment officer of the United Nations Joint Staff, and will succeed Carolyn Boykin. Trusted Insight accurately named Rajkumar as one of the top 10 candidates to fill the position. He currently leads the global pension advisory program at the World Bank Treasury, and serves on the Investment Committee of the United Nations Office for Project Services. The appointment was announced on October 19, 2017.
David McAuliffe was named Berkeley Endowment Management Company’s president and chief investment officer. He was previously the senior investment officer at the University of Washington Investment Management Company. McAuliffe will take over the executive role at the $1.8 billion endowment effective December 1, 2017.
Mary Cahill, chief investment officer and vice president of investments at Emory Investment Management, retired on Aug. 1, 2017. Her retirement concluded a 17-year tenure at the helm of endowment. She shared her experience building an investment office and constructing a diversified portfolio in an April 2016 interview with Trusted Insight.
Jerry Albright was appointed chief investment officer of the Teacher Retirement System of Texas Board of Trustees. The announcement follows a decision by former chief investment officer Thomas “Britt” Harris to join The University of Texas Investment Management Company as the endowment’s chief executive officer. Albright served as chairman of the retirement system’s Internal Investment Committee and sole director of TRICOT London, the first international office of the pension fund. He previously served as the pension fund’s chief operating officer as well as the director of investment operations.
Robert Soros, the eldest son of George Soros, stepped down as deputy chairman and president at Soros Fund Management. He is setting up Soros Capital, which focuses on illiquid investments including venture capital. Soros resigned from those roles and stepped down from day-to-day management in late June.
Jonathan Grabel, former chief investment officer of The Public Employees Retirement Association (PERA) of New Mexico, joined the $50 billion Los Angeles County Employees' Retirement Association (LACERA) as chief investment officer. The appointment ended LACERA’s nearly two-year search since its former chief investment officer David Kushner resigned in May 2015 for undisclosed reasons. Grabel resigned from the $14.7 billion New Mexico PERA on March 31, 2017 after three years of service. Deputy chief investment officer Jude Perez took over the position as interim chief investment officer, while the pension actively seeks Grabel’s permanent replacement.
Pritzker Group Asset Management, the family office of Tony and J.B. Pritzker, appointed Terra Fuller as chief investment officer to lead the firm’s portfolio management across all asset classes. Fuller joined Pritzker Group Asset Management in 2014 as director of research, where she sourced new investments and oversaw analysis, diligence and research processes.
Johns Hopkins University appointed Jason T. Perlioni as vice president and chief investment officer for the university’s $6 billion endowment and the assets of Johns Hopkins Hospital. Perlioni has been the chief investment officer for Pritzker Group Asset Management for the past 10 years. He officially joined Johns Hopkins on July 1, 2017.
View Trusted Insight's monthly people moves roundups here.